Land in Mongolia is under state ownership, and this affects condominiums, since ultimately they sit on land.

Although the Constitution provides for the possibility of private ownership of urban and arable land, till recently the existing legislative framework did not provide a mechanism for introducing such private land ownership.

Mongolia is a country of nomadic herders, accustomed to pastureland being under common ownership.

However, the reality is that developed freehold property can be bought and sold, by foreigners and by Mongolians, but that the terminology is not that of a sale of land, but that of a 'lease', or alternately, of an 'Immovable Property Ownership Certificate'.

In Mongolia, most private holders of land presently hold their land either through possession rights, or use rights.

In general terms:1. Holders of use rights may not sell or lease their rights.

2. Holders of possession rights may lease their rights (but not sell). Mongolia has taken important steps to make possession rights more transferable, and to make lease rights equivalent to private ownership.

Possession requires a licence. The latest Law is the Law of Mongolia on Land of 7 June 2002. Under it, a patchwork of bodies have the right to take over land, and to take decisions regarding land use and possession.

In practice, there are three major ways of holding land.

1. Every Mongolian is allowed to have a plot of land to live on for free for life. The government allocates that plot of land, generally where people already live.

2. The 'priority land lease'. If a plot of land comes to auction, priority and lower prices are given to public good institutions such as hospitals, schools, libraries etc...

3. Developers buy a Construction Lease, generally for 5 years with conditions. The buyer must submit architectural plans for the land within one year, start foundations within 2 years, and complete construction within 5 years.

Some developers take a 60 year lease, but most prefer to hand the land back to the government after 5 years.

Once the building has been completed and approved, the developer receives Immoveable Property Ownership Certificates for each unit in the building, which are then issued to the buyers of the units. From that moment the land is "locked" to that property, and those certificates are legal tender. The certificates can be used for loans, mortgages etc.

Maintenance of common parts is decided by the owners' association just like any other building in the world, the details depending on the terms of the owners association. Every building has an owners association.

The purchase process is simple. Everyone must sign the contract as provided by the notary, no changes can be made in it.

In the case of a new property the buyer goes to see the notary,
signs the contract, takes the contract and the ownership certificate to the registration office, and has it registered.

If the slightly more expensive 'urgent procedure' option is chosen, the initial steps can be done in a day.

Our Buyers Guides explain the obligatory taxes, legal fees, banks, mortgages and lawyers fees when buying overseas investments. Globespan is an International and Overseas Properties Portal. We have worked hard to ensure this is the only overseas property website you need whether purchasing or selling an overseas home.

We offer some of the latest and most exclusive overseas investment properties that are available from our advertising estate agents, developers and FSBO for sale by owners direct from vendors.

FSBO For Sale By Owners Direct. Private Owners Selling Privately. Home Sellers. For sale by owner listings specialising in private house sales overseas.

Whether you are looking for a luxury villa in Spain, a cabin in Austria, a chalet in Switzerland,a penthouse in Rome,a pied a terre in Paris, a golf holiday in Portugal, a cottage in Devon, or an apartment in Italy.

Winter ski resorts or sun vacations.

Choose from a wide selection of self catering homes, cottages, chalets and bed and breakfasts worldwide.

Whether you want a country house in the mountains well away from the crowds for a peaceful vacation, a picturesque cottage, a city break, a family beach trip or to spend time in your own apartment in a city centre we have it all on this website.